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After Yesterday's Rally of 1.60% Shares Could Potentially Pullback

By James Quinn

Atwood Oceanics (NYSE:ATW) traded in a range yesterday that spanned from a low of $8.56 to a high of $8.96. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $8.88 on volume of 1.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Atwood Oceanics share prices have moved between a 52-week high of $35.66 and a 52-week low of $4.82 and are now trading 85% above that low price at $8.93 per share. Over the past week, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has advanced 2.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Atwood Oceanics on February 7th, 2017 by issuing a Downtrend alert when the shares were trading at $10.77. Since that call, shares of Atwood Oceanics have fallen 18.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders atwood oceanics

Ticker(s): ATW